An LNG tanker approaching the port of Mugardos in Spain
Europe’s gas market to rely on imported flexibility – IEA
Despite current unusually high prices, the agency is relatively relaxed that portfolio LNG can replace domestic swing without the need for radical change in European contracting
European and global gas prices in the second quarter have not been as “calm” as the IEA was expecting at the end of Q1, Jean-Baptiste Dubreuil, the organisation’s senior gas analyst, admitted in early July. “A string of extreme events”, including a drought in Latin America and heatwaves in Asia and the Pacific coast of North America, have driven prices higher. In Europe, the benchmark Dutch TTF market averaged $8.70/mn Btu, while current spot and forward prices led the IEA to assume “prices will remain well above their five-year averages during the second half of 2021, at $11/mn Btu”. $8.70/mn Btu – Average TTF price in Q2 Maintenance and unplanned outages have reduced supply, while
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
